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Mittal bid not India-specific issue: FM

"The French Govt may have its opinion but it is the shareholders' opinions that count," he said of Mittal's Arcelor bid.

india Updated: Jun 13, 2006 10:56 IST
Indo-Asian News Service
Indo-Asian News Service

Finance Minister P Chidambaram has said the ongoing Mittal Steel-Arcelor saga is essentially one that involves a Netherlands-based company making a bid for a Luxembourg-based company and not an India-specific issue.

Mittal Steel, owned by India born steel baron Lakshmi N Mittal, has its headquarters in the Netherlands.

"It is not an India-specific issue," Chidambaram said here during a visit on Tuesday to speak to European Union officials, policy makers and businessmen about India's rapidly growing economy and its future prospects.

Asked about the French government's comments about Mittal's 25.8 billion euro takeover bid, Chidambaram said: "The French government may have its opinion but it is the shareholders' opinions that count."

He said he was confident that the shareholders would make the right decision at their shareholders' meeting.

"This issue has concerned India only because Lakshmi Mittal is an India born entrepreneur. We are very proud that an Indian is the world's largest steel maker and we wish him good luck in his endeavours."

During his visit, the minister met with Indian entrepreneurs in Europe at an investor conference. Later in the evening, he enlightened a high-level audience of officials and policy makers on the Indian economy's rapid economic growth and its future challenges, calling for additional investment from the EU.

First Published: Jun 13, 2006 10:31 IST